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Financial Statement Analysis

Course: Master of Business Administration- Full Time


Academic Year: 2014/15
Module: Financial Statement Analysis
Module Code: MOD000986
Semester/Trimester:
ID of Student:
Word Count: 2250

Student ID:

Module Code:MOD000986

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Financial Statement Analysis


TABLE OF CONTENTS
1.
2.

EXECUTIVE SUMMARY....................................................................................................................................... 3
INTRODUCTION..................................................................................................................................................... 3
i.
About the Company.............................................................................................................................................. 3
ii.
About the Industry& Competitors........................................................................................................................ 3
iii. Key elements of Financial Performance...............................................................................................................4
iv. Current Market Conditions that Impact Coca Colas Financial performances....................................................5
3.
CRITICAL ANALYSIS OF COCA COLA...............................................................................................................6
i.
RATIO ANALYSIS................................................................................................................................................. 6
1.3.i.1
LIQUIDITY RATIOS............................................................................................................................. 6
1.3.i.1.1 CURRENT RATIO (CR)....................................................................................................................6
1.3.i.1.2 QUICK RATIO (QR)........................................................................................................................7
1.3.i.1.3 ABSOLUTE LIQUID RATE (ALR)..................................................................................................8
1.3.i.1.4 CURRENT CASH DEBT COVERAGE RATIO...............................................................................9
1.3.i.2
SOLVENCY RATIO.............................................................................................................................10
1.3.i.2.1 DEBT-EQUITY RATIO...................................................................................................................10
1.3.i.2.2 PROPRIETARY RATIO...................................................................................................................11
1.3.i.2.3 FIXED ASSETS TO EQUITY RATIO.............................................................................................12
1.3.i.2.4 TIMES INTEREST EARNED RATIO.............................................................................................13
1.3.i.3
TURNOVER/ACTIVITY RATIO........................................................................................................14
1.3.i.3.1 INVENTORY TURNOVER RATIO (ITR)......................................................................................14
1.3.i.3.2 RECEIVABLES/DEBTORS TURNOVER RATIO (DTR)..............................................................15
1.3.i.3.3 AVERAGE COLLECTION PERIOD..............................................................................................16
1.3.i.3.4 ACCOUNT PAYABLE TURNOVER PERIOD...............................................................................17
1.3.i.3.5 AVERAGE PAYMENT PERIOD.....................................................................................................18
1.3.i.4
PROFITABILITY RATIO.....................................................................................................................19
1.3.i.4.1 GROSS PROFIT RATIO..................................................................................................................19
1.3.i.4.2 NET PROFIT RATIO.......................................................................................................................20
1.3.i.4.3 OPERATING PROFIT RATIO........................................................................................................21
1.3.i.4.4 RETURN ON EQUITY/SHAREHOLDERS INVESTMENT........................................................22
4.
MARKET POSITION ANALYSIS.................................................................................................................................. 23
i.
PRICE EARNIG RATIO.....................................................................................................................................23
ii.
DIVIDEND PAYOUT RATIO..............................................................................................................................24
iii. DIVIDEND YIELD RATIO.................................................................................................................................25
5.
COMPARATIVE MARKET POSITION ANALYSIS............................................................................................26
6.
COMPARISON OF COCA COLA CO. & PEPSI CO............................................................................................27
i.
ON THE BASIS OF BALANCE SHEET.............................................................................................................27
ii.
ON THE BASIS OF INCOME STATEMENT......................................................................................................27
7.
LIMITATIONS........................................................................................................................................................ 28
8.
RECOMMENDATIONS.........................................................................................................................................28
9.
SCOPE FOR FURTHER STUDY...........................................................................................................................29
10.
CONCLUSION................................................................................................................................................... 29
11.
REFERENCE..................................................................................................................................................... 30
12.
ANNEXURE...................................................................................................................................................... 32
i.
BALANCE SHEET & INCOME STATEMENT OF COCA COLA CO................................................................32
ii.
BALANCE SHEET & INCOME STATEMENT OF PEPSI CO...........................................................................34

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Financial Statement Analysis


1

EXECUTIVE SUMMARY

This report provides an in depth critical analysis and comparison of Coca-Cola Co.s financial
performance over the past 5 years i.e. 2009-2013. The second largest company in the nonalcoholic beverage industry is Pepsi Co. and it is also the biggest competitor of Coca Cola Co.
(Morningstar, 2014), so a competitor analysis is also done on the basis of the financial statements
of both the companies. Coca Cola Co. has been making profits all throughout, but it needs to be
careful about the various campaigns being held against obesity, caused due to the high intake of
these soft beverages that contain large quantity of sugar (James B. Stewart, 2014).
2

INTRODUCTION

About the Company

Coca Cola Co. is the largest producer of nonalcoholic beverage in the world followed by Pepsi
Co. It started operations in Unites States in 1886 and now has presence in over 200 countries. It
covers more than 500 brands of nonalcoholic beverage under its umbrella which consists of
variety of sparkling and still beverages water, juices,sports and energy drinks, enhanced water,
ready to drink tea and coffee, under the leading brand names of coca - cola, diet coke, fanta and
sprite.
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About the Industry& Competitors

The major competitors of Coca Coal Co. are Pepsi Co. Inc., Nestle, Monster Beverage Corp.,
GroupeDanone, Kraft Foods Group, Unilever Group, etc. which compete in a multiple
geographic market. It is also competing against various local and regional private label soft
beverage brands. Thus, the nonalcoholic beverage industry becomes very fragmented.
The soft drink/beverage industry is highly controlled by PepsiCo and Coca Cola Co.. The
industry rewards high profits with an average return on assets of PepsiCo at 10.752% and Coca
Cola Co. at 13.306%, which is much higher than other soft/beverage companies that stand
roughly at 7.00%. In spite of the growing competitors in the industry, Coca Cola Co. and
PepsiCo have a very strong and promising growth prospects and large market share but Monster
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Financial Statement Analysis


Beverage Corporation has recently made its mark in the industry and is a major competitor for
both Coca Cola Co. and PepsiCo.
Thus, all this makes it very difficult for other companies to make an entry into the industry and
thus protect the companys profitability in the industry.
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Key elements of Financial Performance

Financial statement analysis is the procedure of collecting, evaluating, analyzing and interpreting
the financial data of a company along with measuring the risks and returns for the investments
(Pamela Peterson Drake, Frank J. Fabozzi, 2012, pp. 101-102).
The data for financial analysis is taken from the financial reports (annual reports) of the
company, i.e. Income Statement, Balance sheet & Cash Flow statement, which is then used for
analysis by computing the ratios (Gokul Sinha, 2009).
Thus, the financial statement analysis helps in decision making, inter and intra company
comparison, determines the financial performance and position of the firm in the market. It also
helps the investors to compare and analyze as to where to invest their money (Thomas R.
Robinson, Paul Munter and Julia Gran, 2004).

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Financial Statement Analysis


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The diagram above displays the current economic,political,environmental,legal and social risks
that may impact Coca Cola Co.s financial performance.

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Financial Statement Analysis


3
i

1
1

CRITICAL ANALYSIS OF COCA COLA


RATIO ANALYSIS

LIQUIDITY RATIOS
CURRENT RATIO (CR)
CURRENTASSETS
CURRENTLIABILITIES

The objective of the ratio is to calculate the safety margin that can be used for paying off short
term creditor. The ideal ratio for CR is 2:1. If the ratio is lower than one, it states that the firm is
unable to meet its short term liabilities (Corey, et al., 2013).

From 1.28:1 in 2009 the CR has dipped to 1.13:1 in 2013, this shows that the company is
increasing its current liabilities as compared to 2009.

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Financial Statement Analysis

QUICK RATIO (QR)


QUICKASSETS
CURRENTLIABILITIES

The ratio signifies the ability of the company to meet its current liabilities without depending on
the resalable stock of the company. The standard ratio is 1:1(Rodiel, 2012).

From 0.95:1 in 2009 there is fall in the QR to 0.90:1 in 2013. This states that the company is
having less issues in paying off its current liabilities with the cash available to them.

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Financial Statement Analysis

ABSOLUTE LIQUID RATIO (ALR)


CASHANDMARKETABLESECURITIES
CURRENTLIABILITIES

The ratio measures the absolute liquidity of the business for paying off its current short term
debts eliminating the account receivables as there is uncertainity about their fast collection. The
ideal ratio is 0.5:1(V. K. Goyal and Ruchi Goyal, 2012).

In 2009 the ratio was 0.67:1 and had increased to 0.73:1 in 2013. Thus, it states that the company
has enough to pay off each rupee of current liability. Sice the ratio is higher than the ideal ratio, it
shows that the company has ideal cash available to them.

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Financial Statement Analysis

CURRENT CASH DEBT COVERAGE RATIO


NETCASHPROVIDEDBYOPERATINGACTIVITIES
AVERAGECURRENTLIABILITIES

The ratio helps in measuring how liquid the company is and also identifies the movement of the
cash flows over a specific period of time(S.N. Maheshwari, S.K. Maheshwari, 2009).

From 0.61:1 in 2009, Coca Cola Co.s current cash debt coverage ratio has declined to 0.38:1 in
2013. This states that the company is not in a comfortable liquid situation, but is still managing
to pay off its creditors from the amount generated through their operations.

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Financial Statement Analysis

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1

SOLVENCY RATIO
DEBT-EQUITY RATIO
LONGTERMDEBTS
SHAREHOLDE R' SFUNDS

The ratio indicates the measure of relative proportion of debt and equity, which helps to finance
the asset of a firm (Ataullah, Higson and Tippett, 2007).

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Financial Statement Analysis

PROPRIETARY RATIO
PROPRIETO R' SFUND
100
TOTALASSETS

Its objective is to provide a rough assumption of the amount of capital utilized to back the
business functions(Eugene Brigham, Joel Houston, 2011).

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Financial Statement Analysis

FIXED ASSETS TO EQUITY RATIO


FIXEDASSETS
'
SHAREHOLDE R SFUNDS

It signifies the input of stock holders and the input of debt sources for the fixed assets of the
company (Mozhgan, et al., 2013).

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Financial Statement Analysis

TIMES INTEREST EARNED RATIO


Earnings before Interest Tax
100
Interest Expense

It helps in ascertaining the ability of the company to fulfil the interest payment through the
profits generated (Dothan, 2006).

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Financial Statement Analysis

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1

TURNOVER/ACTIVITY RATIO
INVENTORY TURNOVER RATIO (ITR)
COSTOFGOODSSOLD
AVERAGEINVENTORY

The ratio helps in measuring how many times the company sells it total average inventory
amount during a year (Georgios, et al., 2011).

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Financial Statement Analysis

RECEIVABLES/DEBTORS TURNOVER RATIO (DTR).


NETCREDITSALES
AVERAGEACCOUNTSRECEIVABLE

The DTR helps in depicting the speed by which the debtors are converted into cash in a year
(Michael and Christine, 1989).

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Financial Statement Analysis

AVERAGE COLLECTION PERIOD


365 DAYS
DEBTORSTURNOVERRATIO

The ratio indicates how rapidly or how slowly the money is collected from the debtors(Helfert,
2004).

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Financial Statement Analysis

ACCOUNT PAYABLE TURNOVER PERIOD


NETCREDITPURCHASES
AVERAGECREDITORS

The ratio signifies how well the company manages and pays off its creditors in a year (John,
2007).

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Financial Statement Analysis

AVERAGE PAYMENT PERIOD


365 DAYS
CREDITORSTURNOVERRATIO

The ratio states the average period allowed by the average creditors to the company(George T.
Friedlob, Lydia L. F. Schleifer, 2003).

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Financial Statement Analysis

PROFITABILITY RATIO

GROSS PROFIT RATIO


GROSSPROFIT
100
NETSALES

The ratio indicates the percentage of each sale remaining after making payment for all goods
sold(Douglas R. Emery, 1997).

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Financial Statement Analysis

NET PROFIT RATIO


NETPROFITBEFORETAX
100
NETSALES

The ratio helps in determining the overall profitability of a company. It also measures how much
each amount earned by the company is translated into profit (Conrad, 2007).

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Financial Statement Analysis

OPERATING PROFIT RATIO


OPERATING PROFIT
100
NET SALES

The ratio helps in analyzing the amount of operating cost drawn on the sale of goods and also
helps in determining the operational efficiency of the management of the business(Baruch Lev,
1974).

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Financial Statement Analysis

RETURN ON EQUITY/SHAREHOLDERS INVESTMENT


NET INCOME
100
SHAREHOLDERS EQUITY

The objective of the ratio is to analyze how effectively the funds raised from the shareholders
(equity & preference) has been utilized (Mainul, 2012).

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Financial Statement Analysis

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i

MARKET POSITION ANALYSIS


PRICE EARNIG RATIO
MARKETPRICEPERSHARE
EARNINGPERSHARE

The ratio helps in computing the amount the shareholders expect from the earnings of the
firm(Stephen H. Penman).

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Financial Statement Analysis

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DIVIDEND PAYOUT RATIO


DIVIDENDPERSHARE
EARNINGPERSHARE

This ratio depicts the proportion of Earnings Per Share(EPS) distributed as dividend to
shareholders(Peter M. Bergevin, 2002).

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Financial Statement Analysis

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DIVIDEND YIELD RATIO


DIVIDENDPERSHARE
100
MARKETPRICEPERSHARE

The ratio signifies how the investment in stock by shareholders generates either appreciation or
depreciation of cashflows in the form of dividends(Thomas R. Robinson et al., 2014).

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Financial Statement Analysis

COMPARATIVE MARKET POSITION ANALYSIS

Thus, On an average,Coca Cola Co. exhibits 17.41 Price to Earning(P/E) Ratio whereas Pepsi
Co. exhibits 16.90 P/E Ratio, this indicates that Coca Cola Co.has slightly higher P/E ratio,
which shows that the investors of Coca Cola Co. had higher expectations from the company and
were willing to pay a bit more to obtain the stock of the company.
On an average Cola Cola, Co. delivers dividend yield rate of 2.83% and dividend payout rate of
49.42%, whereas Pepsi Co. has a relatively higher dividend yield rate of 3.08% anddividend
payout rate of 50.32%. This states that Pepsi Co. investors get slightly higher dividend out of
their investment as compared to Coca Cola Co.s investors.

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Financial Statement Analysis


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COMPARISON OF COCA COLA CO. & PEPSI CO.

ON THE BASIS OF BALANCE SHEET

ASSETS: in 2013,Coca Cola Co.s current asset make up 34.76% of its total assets, whereas the
short term liabilities make up 30.88% of its total liabilities and shareholders equity. In
comparison, Pepsi Co.s current assets make up 28.65% of its total assets and the short term
liabilities make up 23.02% of its total liabilities and shareholders equity. This shows that Coca
Cola has enough cushion to meet its short term obligation from its current assets, on the other
hand Pepsi Co. has a slightly higher degree of current liabilities as compared to Coca Cola Co.
Thus, it states that there is a degree of difficulty that Pepsi Co. might face in paying off its
current obligations.
EQUITY: For the year 2013, Pepsi Co. witnessed 31.40% of long term obligations to total
liabilities and shareholders equity. Whereas Coca Cola Co. saw 21.26% of long term obligations
to total liabilities and shareholders equity.Therefore, this states that both the companies use debt
to finance its fixed assets.
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ON THE BASIS OF INCOME STATEMENT

Income Statement is a statement that measure the companies financial performance over a
specified period (Maurice, 1949).
SALES: In 2013, Pepsi Co. shows 66,415 million of net revenue, whereas Coca Cola Co.s net
operating revenue is 46,854 million, but even after higher sale of Pepsi Co., coca cola co. makes
more operating income which states that the cost incurred for sales of Coca Cola Co. is much
lower than Pepsi Co. Constitutes 47% cost of sales to net revenue, whereas Coca Cola Co. has
39.3%.
PROFIT:In 2013, on an average, Pepsi Co. witnessed 10.79% of net profit from the sale of its
products, on the other hand Coca Cola Co. witnessed 22.23% of net profit, which states that the

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Financial Statement Analysis


amount expenditure coca cola Co. incurs from manufacturing till the point of sale of the product,
is much lower than Pepsi Co.
7

LIMITATIONS

There are always limitations to every study, this report has the following limitations:
Firstly, if the existing accounting data is incorrect the ratios drawn from it will also be incorrect.
Secondly, ratio analysis provides insufficient information for decision making purpose. It only
gives answers to problems not total solution.
The report only identifies Coca Cola Co.s financial condition only keeping in mind the financial
factors(quantitative factors) and ignoring other factors (qualitative factors), which are also
important.
This report gives a very superficial comparison between Coca Cola Co. and Pepsi Co. rather than
an indepth comparison for better comparative analysis.
8

RECOMMENDATIONS

As the preference of the consumers has shifted from unhealthy sugar beverages to healthy,
nutritious option, so by the analysis, Coca Cola Co. is recommended to shift their business to
nutritious beverages, as the society is moving towards a healthy lifestyle with water as an option
for thirst quenching. If the products do not change with the change in consumer needs, the
company might see a decline in the share of sales, growth and profitability.
Due to lack of quality resources there is less availability of quality water, which is the main
ingredient for making the products, if the quality of the raw material deteriorates or there is a
scarcity, then it will affect the cost of sales.Thus, like Pepsi Co. diversified into food products to
compete against Coca Coal Co., so the company should nowshift its focus to food products
which would help them to maintain the profitability of the company in the long run.

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Financial Statement Analysis


As the beverage industry is expanding with the entry of many private label companies apart from
the main big competitor companies like Pepsi Co., Nestle, Kraft, etc., it becomes very important
to expand the market by tapping new markets and continuously innovate and strengthen the
quality of the products so as to maintain the market share and brand loyalty.
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SCOPE FOR FURTHER STUDY

The study can be further utilized for valuating the companies assets and liabilities and also can
be used for juding the risk factors that are arising in the business. It can also help in fulfiiing the
needs for alternatives to the current products the company produces. It can be used to asses the
negatives and positives of the current market and business activities for taking financial and
strategic decision making.
10

CONCLUSION

The financial information states that both Coca Cola Co. has continuously been a strong player in
the nonalcoholic industry with constant growth and an expanding market share.
From 2009 to 2013 on an average the return on equity is more than 30% for Coca Cola Co.,
which state that the company is highly profitable with the money invested by the shareholders.
Coca Cola Co. shows a decrease in sales in 2013 by 4.9% from 2012 whereas its competitor,
PepsiCo.shows an increase in the sales by 1.4% from 2012. But the net profit margin of Coca
Cola Co. remains higher than PepsiCo.by 8.17% in 2013, as the cost of sales of Coca Cola Co. is
much lower than PepsiCo.by 7.72%in 2013.
Thus the war between the nonalcoholic beverage brands goes on forever; both the brands, i.e.
Coca Cola Co. & Pepsi Co., are highly profitable and hence make it hard for the investors to
select a clear favourite for investment purposes.

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REFERENCE
1. Ataullah, A., Higson, A. and Tippett, M. 2007. The Distributional Properties of the Debt
to Equity Ratio: Some Implications for Empirical Research. Abacus, 43(2), p.111-135.
2. Baruch Lev, 1974. Financial statement analysis: a new approach. Published by PrenticeHall.
3. Brad, M.B. and John, D.L., 1996. Detecting abnormal operating performance: The
empirical power and specification of test statistics. Journal of Financial Economics,
4.
5.
6.
7.

41(3), p.359-399.
Coca Cola Company, 2009. Form 10K Annual Report. [online] Available at: www.cocacolacompany.com [Accessed 27 November 2014]
Coca Cola Company, 2010. Form 10K Annual Report.[online] Available at: www.cocacolacompany.com [Accessed 27 November 2014]
Coca Cola Company, 2011. Form 10K Annual Report.[online] Available at: www.cocacolacompany.com [Accessed 27 November 2014]
Coca Cola Company, 2012. Form 10K Annual Report. [online] Available at: www.coca-

colacompany.com[Accessed 27 November 2014]


8. Coca Cola Company, 2013. Form 10K Annual Report. [online] Available at: www.cocacolacompany.com[Accessed 27 November 2014]
9. Corey,S.,et al., 2013. Analyzing liquidity: using the cash conversion cycle: method
incorporating time complements static measures such as the more common current ratio.
Journal of Accountancy. 215(5), p.44.
10. Douglas R. Emery, 1997. Corporate Financial Management. Published by Prentice-Hall.
11. Eugene Brigham, Joel Houston, 2011.Fundamentals of Financial Management, Concise
Edition, 7th ed. Published by Cengage Learning.
12. George T. Friedlob, Lydia L. F. Schleifer, 2003. Essentials of Financial Analysis.
Published by John Wiley & Sons.
13. Gokul Sinha, 2009. Financial Statement Analysis. Published by Asoke K. Ghosh.
Thomas R. Robinson, Paul Munterand Julia Grant, 2004. Financial Statement Analysis: A
Global Perspective. Published by Pearson/Prentice Hall.
14. Helfert, 2004.Techniques Of Financial Analysis: A Mode. Published by Tata McGrawHill Education.
15. James B. Stewart, 2014. Business Day- For Coke, Challenge Is Staying Relevant. The
New York Times.
16. Jewell, J., 2011. What is your ROA? An investigation of the many formulas for
calculating return on assets. Academy of Educational Leadership Journal, 15, p.79.
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17. John, A., 2007. The value of corporate financial measures in monitoring downturn and
managing turnaround: an exploratory study. Academic Journal, 19(2), p.253.
18. Mozhgan, H.B., Maryamm, S. and Mehdi, R., 2013. The relationship between total asset
turnover and productivity indicators of companies listed in Tehran Stock Exchange.
Advances in Environment Biology, p.1648.
19. Pamela Peterson Drake, Frank J. Fabozzi, 2012. Analysis of Financial Statements. 3rd ed.
Publishes by John Wiley & Sons, Inc., Hoboken, New Jersey. pp. 101-102
20. PepsiCo, 2013. Annual Report 2013. [online] Available at: www.pepsico.com[Accessed
27 November 2014]
21. Peter M. Bergevin, 2002. Financial Statement Analysis: An Integrated Approach.
Published by Prentice Hall.
22. Rodiel, C., 2012. The effects of International Financial Reporting Standard (IFRS) 3
disclosure index on liquidity ratios. European Journal of Management, 12(2). p.100.
23. S.N. Maheshwari, S.K. Maheshwari, 2009.Corporate Accounting. 5th ed. Published by
Vikas Publishing House Pvt Ltd.
24. Stephen H. Penman, 2012. Financial Statement Analysis and Security Valuation. 5th ed.
Published by McGraw-Hill.
25. Thomas R. Robinson et al., 2014. International Financial Statement Analysis. 2nd ed.
Published by John Wiley & Sons.
26. V. K. Goyal and Ruchi Goyal, 2012.CORPORATE ACCOUNTING.3rd ed. Pulished by

PHI Learning Pvt. Ltd.

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ANNEXURE
BALANCE SHEET & INCOME STATEMENT OF COCA COLA CO.

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BALANCE SHEET & INCOME STATEMENT OF PEPSI CO.

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